<P><FONT size=5>JP 摩根：Asian FX Markets Today</FONT></P>
<P><FONT size=5>JPMorgan Chase Bank Singapore</FONT></P>
<P><FONT size=5>March 27, 2007 2页</FONT></P>

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<P>• USD/Asia opened the week in tight ranges. While Fed moderation to a weaker<BR>tightening bias last week has helped EM and Asian assets, remaining subprime<BR>concerns and pockets of data weakness persist as drags to a full fledged<BR>recovery. USD/Asia accordingly traded a tight +/-0.2% range on Monday. Equity<BR>markets were similarly mixed in the lack of near-term directional drivers. One<BR>immediate event risk stems from Fed Bernanke’s testimony to Congress on the<BR>economic outlook this Wednesday. The Chairman is expected to clarify the Fed’s<BR>inflation and growth outlook and the current thinking on the impact of the<BR>subprime fallout. Indeed, this testimony will be of particular interest following the<BR>FOMC statement last week where Fed made a large step in moving towards<BR>neutral.</P>